[Jess]

? Not trying to be anything but open (as we have made a ton of mistakes ourselves, that we do our best to learn from), and my point was referring to IOU's comments on the impact on their default rate via the rise of debt settlement companies, which in a consolidation product today, is a reasonably likely outcome (I assume they dropped that product too, as we did too once it became too unpredictable, even if it was profitable for us). The factors we still have to view as exogenous are the stacks on a-paper (previously unstacked) that lead to debt settlement companies (and therefore a all-or-nothing result). We are working hard on making those risks, that are currently exogenous in our view, risks identifiable; but we aren't there yet across the board: and that's why we won't win every 12 month 1.3x -- we will typically give that client either a decline (because of how our model works) or a much lower rate, longer-term product.

Yeah that's not the point I was making. You shouldn't want to win every single deal. Your box is your box and be relatively consistent. My point is that IOU's Balance Sheet and capital structure is a clusterf*ck of epic proportions. Interesting how the Direct Lending's returns are so consistent when IOU is taking huge hits....kinda like PAF and Argon.